A CHALLENGE.

Auckland Star, Volume LXIV, Issue 114, 17 May 1933, Page 7

A CHALLENGE.

N.S.W. REFERENDUM. Legal Action Announced to Test Upper House Poll. BILL NOT SUBMITTED. (United r.A.—Electric Telegraph—Copyright) (Received 9.30 a.m.) SYDNEY, this clay. The "Yes" majority in the Upper House reform referendum poll has been increased to 23,774. The figures now stand thus: "Yes" 656,604, "No" 632,830. The "Labour Daily" says that, acting on behalf of interested parties whose names so "far have not been disclosed, Mr. J. Thorn, solicitor, will appear in the Equity Court, probably on Thursday, to seek an injunction to restrain Cabinet from laying the Upper House Reform Bill before the State Governor for the purpose of obtaining the Royal assent. The chief grounds of this challenge to the validity of the bill are that the referendum was not conducted aecordfaig to law, and that the bill was not submitted to the electors before the poll.

SUDDEN CHANGE. Condition of Money Market in London. AUSTRALIAN CONVERSION, MELBOURNE, May 16. It is understood that Mr. S. M. Bruce, Australian Minister in London, who recently reported favourably on the prospects for the further conversion of a large proportion of Australia's overseas loans, lias now intimated that the position has completely changed in the past few days. This, he says, is due to the unsettled conditions in Europe, the possible failure of the Disarmament Conference and other disturbing factors.

A message from London says the "Financial Times" declares that the ban on new issues is not blocking the way to the Australian conversion scheme. The sole reason for the delay in producing the scheme is the present position on the gilt-edged market.

Recent European developments have created such nervousness that it is felt the time is not opportune for any major operation. Australia must have a propitious investment market for her scheme to succeed.